EDITED BY PATRIZIO MESSINA INVESTMENTS IN HEALTHCARE RECEIVABLES LEGAL ASPECTS ORRICK, HERRINGTON & SUTCLIFFE ROME

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1 EDITED BY PATRIZIO MESSINA INVESTMENTS IN HEALTHCARE RECEIVABLES LEGAL ASPECTS ORRICK, HERRINGTON & SUTCLIFFE ROME

2 INTRODUCTION...3 Chapter One...5 NATIONAL HEALTHCARE SERVICE: REGULATIONS AND HISTORY General regulations of the National Healthcare Service The principal sources of funding of the National Healthcare Service Healthcare debt and remedies introduced by the financial budget laws...9 Chapter Two...11 HEALTHCARE RECEIVABLES Healthcare receivables and different types of healthcare suppliers Enforceability of European interest rates for late payment to Healthcare... Receivables Protection of the public entities and formal requirements to be complied with for...the transfer of receivables Suspension of payments according to article 48 bis of Presidential Decree No. 602/ Chapter Three...20 SECURITISATION OF HEALTHCARE RECEIVABLES: ITALIAN LEGAL FRAMEWORK The first Securitisations of Healthcare Receivables structured by public arrangers The amortization transactions of healthcare deficit structured in some Italian.. Regions Private Securitisation of Healthcare Receivables...26 Chapter Four...28 RECOVERY OF HEALTHCARE RECEIVABLES Judicial and extrajudicial instruments for the recovery of the Healthcare Receivables Judicial instruments: payment injunction (decreto inguntivo); fulfilment proceeding and indirect recourse to the Region Settlements agreements...30

3 Chapter Five...32 THE ROLE OF SACE AS GUARANTOR FOR THE PURCHASE OF RECEIVABLES The role of Sace in respect to the receivables owed to the suppliers of public entities Requirements of the Sace Guarantee Sace Factoring S.p.A Chapter Six...37 HEALTHCARE RECEIVABLES IN SPAIN, PORTUGAL AND GREECE...37 SPAIN The Spanish healthcare system Healthcare receivables Debtors Transfer of the healthcare receivables: formalities for the validity and effectiveness Guarantees on the receivables Recovery procedure...41 PORTUGAL Securitization of healthcare receivables under Portuguese law The National Healthcare System (NHS) The Portuguese health system The recovery of healthcare receivables The Portuguese securitisation regime Transferability of the healthcare receivables Formalities for the transferability of the receivables Insolvency matters Separation of securitized assets and commingling risk...60 GREECE The Greek healthcare system Healthcare receivables Recovery procedure Greek securitisation law...71 Annex

4 INTRODUCTION Companies which, on the basis of a supply agreement, provide goods and services to public entities pursuant to a contract or otherwise, can find themselves in significant financial difficulties if they are not paid in accordance with the terms of the contract. Such companies know that they will eventually receive in full what is due to them, but they are also aware that public entities often do not respect payment deadlines, which can cause financial and economic distress. As far as the Italian healthcare system is concerned, according to the official data issued by the Corte dei Conti and by the Uffici Regionali del Settore Sanità, the indebtedness gained by the National Healthcare System towards the suppliers has significantly accrued in the past few years, amounting to nearly 32.2 billion of Euro. In such situation, the main financial assets that companies can use to create liquidity are their monetary claims against the relevant public entities, which can be sold to third parties and, accordingly, monetized. The securitisation of portfolios of monetary claims (including nonperforming ones) is one of the most effective financial instruments used by companies dealing with public entities to obtain liquidity. The healthcare system, for example, often has debts outstanding to supplier companies. This handbook aims at describing different types of securitisations carried out in Italy pursuant to Law No. 130 dated 30 April 1999 (hereinafter referred to as "Law 130/99"), with particular focus on those involving Healthcare Receivables 1. We will also examine the provisions that were introduced by the Italian legislator involving Sace S.p.A. with the main purpose of allowing 1 "Healthcare Receivables" means receivables, arising from contracts for the supply of goods and services in favour of healthcare authorities and/or hospitals and/or other healthcare entities, claimed by the suppliers against the latter, in default of payment. 3

5 suppliers of public entities to obtain access to credit. An outline of how securitisation transactions of Healthcare Receivables have been structured in Spain, Portugal and Greece completes the overview offered by this handbook. June 2010 P.M. 4

6 Chapter One NATIONAL HEALTHCARE SERVICE: REGULATIONS AND HISTORY SUMMARY: 1. General regulations of the National Healthcare Service. 2. The principal sources of funding of the National Healthcare Service. 3. Healthcare debt and remedies introduced by the financial budget laws. 1. General regulations of the National Healthcare Service The National Healthcare Service (Servizio Sanitario Nazionale "NHS") was established in 1978 by Law 23 December 1978 No. 833 (the "Law 833/1978"), with the principal aim of promoting social justice by establishing a system which would guarantee access to healthcare service to all Italian people. Law 833/1978 subdivided the NHS into a three-tier structure, namely: (i) the State; (ii) the Regions; and (iii) new bodies called local healthcare entities (unità sanitarie locali). The NHS was redefined in 1992 pursuant to Legislative Decree 30 December 1992, No. 502 ("Decree 502/92"). The reform introduced by Decree 502/92, as amended from time to time, consisted of the following main features: Legislation to be enacted at central government level was limited to the establishment of general features, with the recognition of greater powers at a regional government level (as a consequence, Italian regions have used their autonomy to introduce different regional legislations); The transformation of local health entities into local healthcare businesses (aziende unità sanitarie locali) and major hospitals into hospital businesses (aziende ospedaliere). Local healthcare businesses, as opposed to local healthcare entities, whose 5

7 function was purely operational, are legal entities with a public nature (personalità giuridica di diritto pubblico), but their internal structure and management are organized by means of managerial acts based on contract law (atti aziendali di diritto privato). It should be noted that local healthcare businesses and hospital businesses are not the only entities providing healthcare services. The organisation of the NHS provides for services to be supplied by different types of bodies (for instance the so-called IRCCS, Istituti di ricovero e cura a carattere scientifico) and the integrated hospital-university businesses (local healthcare businesses, hospital businesses, IRCCS and integrated hospital-university businesses, for the purpose of this handbook, will be jointly referred to as "Healthcare Authorities", each being "Healthcare Authority"). After the 1992 reform, the roles assigned by the NHS to each level of the three-tier structure are as follows: (i) (ii) (iii) the State has a primary regulatory role, limited to very general features of the NHS, effective within the whole territory of the Republic of Italy; the Regions are responsible for healthcare services within their territory and are required to: a) establish the principles for the organization of the healthcare services and for the activity devoted to healthcare, the organization of the regional territory into local healthcare businesses and hospital businesses; b) establish their funding criteria, the supervision and control provisions as well as the assessment of the performance of such enterprises; c) select the technical activities, promote and support the above-mentioned enterprises; Healthcare Authorities have considerable operating autonomy and are permitted to manage the healthcare service in accordance with principles of general contract law. 6

8 2. The principal sources of funding of the National Healthcare Service We outline below the main issues related to the funding of the NHS and in particular: (a) (b) decisions concerning the funding of the NHS; resources to be assigned to the funding of the NHS. (a) Decisions concerning the funding of the NHS The following is to be noted regarding the funding of the NHS: (i) (ii) healthcare funding that is necessary to ensure essential levels of assistance at a national level is set annually by the State by means of the financial budget law (pursuant to articles 1 and 12, paragraphs 1 and 3, of Decree 502/92 and article 1 of the State-Regions agreement dated 28 September 2006); funds are subsequently allocated among the Regions (on the basis of the so-called quota capitaria 2 ) by the CIPE, pursuant to the proposal of the Ministry of Health; (iii) each Region after determination of their quota by the State registers the amount of the relevant funds in their financial statements and, by means of regional decrees, allocates funds between the Healthcare Authorities located in its territory. (b) Resources to be assigned to the funding of the NHS With regard to the resources used for the funding of healthcare services to which the State ordinarily contributes (necessary to ensure the satisfaction of the essential levels of assistance), the following should be noted: before 2000, according to Decree 502/92, these resources were made up of financial allocation set out in the national budget 2 This "quota capitaria" is calculated on the basis of several parameters which take into account, among other things, the age and sex of the population located in the Region and the patrimonial and technological instruments of each Region. 7

9 (income from revenue taxes) (art. 12 of Decree 502/92) and were integrated by welfare contribution paid by employers, including public entities, and by self-employed professionals to the relevant health insurance funds (article 11 of Decree 502/92) (such contributions were directly assigned to the Regions). In 1997, due to the introduction of the regional tax IRAP, revenue transfers were no longer integrated by welfare contributions (which now flow directly to the coffers of the State), but directly assigned to the Regions by the IRAP and the IRPEF surcharge; after 2000, by means of Legislative Decree 18 February 2000, No. 56 ("decreto sul federalismo fiscale"): financial allocations charged to the national budget as set forth by paragraph 1 of the article 12 of Decree 502/1992 were frozen and substituted with resources from regional revenues; since the contributions from citizens differ from Region to Region, a national equalizing fund (fondo perequativo), funded by a portion of the VAT quota of each Region (art. 7, paragraphs 1 and 2), was introduced in order to make sure that all Regions receive funds; and a State guarantee fund was also introduced (fondo di garanzia) with the purpose of integrating the meagre revenues of those Regions where there is no correspondence between the forecasted regional resources and those actually collected (art. 13). Decree 502/92 had already established that Regions should utilize their own resources (Autofinanziamento regionale, article 13) in order to provide for the following: higher levels of healthcare assistance; different organizational models; and settlement of the deficit of the Healthcare Authorities. 8

10 3. Healthcare debt and remedies introduced by the financial budget laws Debt of the NHS has been caused, on one hand, by the increasing delay by which the State has granted funds to the NHS and, on the other hand, by the difficulties that the Regions have incurred in finding the necessary resources in order to maintain the economic and financial balance of Healthcare Authorities, by means of tax increases or other measures. In order to reduce the previous indebtedness of the healthcare system in the Regions, the State has provided for additional funding, to be granted upon compliance with different requirements, and introduced the figure of the state commissioner (the "Commissioner") substituting the governor of the defaulting Region, the appointment of such Commissioner being the so called "Commissariamento". In particular, in the latest financial budget laws, the following types of additional funding were provided: (a) 2005 Financial Budget Law (Law 30 December 2004, No. 311) provides for: State funding for the indebtedness of the regional healthcare service for , as well as a State intervention for the deficit recovery for ; all subject to a State-Regions agreement which requires the Regions to ensure the financial-economical balance of the Healthcare Authorities (subject to quarterly monitoring) (article 1, paragraphs 164 and 173); the possibility for Regions to gain access to a "greater amount of funds" to be borne by the State (in addition to the one provided by the paragraph 173), and subject to a special agreement to be entered into between each Region, the Ministry of Health and the Ministry of Economy and Finance (the "Recovery Plan" il Piano di Rientro), whereby "the necessary actions to obtain the economic balance, in compliance with the essential levels of healthcare assistance and in fulfilment of the agreement provided 9

11 (b) (c) (d) by paragraph 173" should be identified (article 1, paragraph 180) Financial Budget Law (Law 27 December 2006, No. 296) establishes a temporary fund to be shared between any Regions experiencing a high deficit in the healthcare sector (article 1, paragraph 796), upon occurrence of certain circumstances Financial Budget Law (Law 24 December 2007, No. 244, article 2, paragraphs 46, et seq.) authorises the State to grant to the Regions who have had adopted the Recovery Plan a total amount of funds not exceeding Euro million in order to recover the debts accumulated up to 31 December Financial Budget Law (Law 23 December 2009, No. 191) allows the Regions who have had adopted a Recovery Plan, to adopt a new one 4. In addition, it authorises the State to grant the necessary liquidity to the Regions that comply with Recovery Plans for healthcare balance deficit, up to an amount of Euro 1 billion, to recover by 31 May 2010 debts registered before 31 December With the Recovery Plans, the Regions have, inter alia, undertaken to achieve a positive financial balance and to guarantee essential levels of assistance. The main purpose of the Recovery Plans is the reduction of costs of production and commercial debt readjustment. From a general point of view, it should be noted that the Commissariamento procedure together with the additional funds prescribed by the financial laws aims to force Regions to commit to the fulfilment of their obligations. 3 In particular, such regulations aim at restructuring part of the healthcare deficit of the Regions of Lazio, Campania, Molise and Sicily, which had committed themselves in their respective Recovery Plans to enact procedures aiming at settling in advance healthcare debts accumulated up to 31 December In order to achieve of the objectives set out in the Recovery Plans, by Decree-Law No. 78/2010 has been introduced the barring of the enforcement procedures against Healthcare Authorities in those Regions that have adopted to the said Recovery Plans and are under commmissariamento at the date of the enforcement of the Decree. 10

12 Chapter Two HEALTHCARE RECEIVABLES SUMMARY: 1. Healthcare receivables and different types of healthcare suppliers. 2. Enforceability of European interest rates for late payment to Healthcare Receivables. 3. Protection of the public entities and formal requirements to be complied with for the transfer of receivables. 4. Suspension of the payments according to article 48 bis of Presidential Decree No. 602/ Healthcare receivables and different types of healthcare suppliers Healthcare Receivables are receivables owed to different categories of individuals or entities, which supply, for different purposes and for a consideration, goods and services in favour or on behalf of the Healthcare Authorities (the "Suppliers"). The NHS uses different types of Suppliers, such as private hospitals, health centres, pharmacies, both public and private, manufacturing companies and/or suppliers of goods, equipment, etc. In particular, depending on the type of agreements between the Suppliers and the Healthcare Authorities, we can divide Suppliers into three categories: (a) (b) (c) suppliers of healthcare services; suppliers of goods and services; and pharmacies. (a) Suppliers of healthcare services This refers to Suppliers that provide healthcare services directly to individuals, on behalf of the Healthcare Authorities (i.e.: private hospitals, clinics, health centres, etc.). By providing these services, they become creditors of the Healthcare Authorities ("Suppliers of Healthcare Services"). 11

13 According to articles 8 bis, et seq. of Decree 502/92, a Supplier of Healthcare Services may carry out services for hospitals when: a) they have been authorised according to the applicable regional regulations (art. 8 ter); b) they have received accreditation ("accreditato"), even if temporarily, by the competent Region through the so-called accreditamento procedure (art. 8 quater); c) they are party to a contract with the Healthcare Authority (art. 8 quinquies). The obligation of the Healthcare Authorities to pay the Supplier of Healthcare Services arises out of the contracts under point c) above. The mere accreditamento would not theoretically be sufficient without the execution of a contract. However, in practice, Suppliers of Healthcare Services often provide services without having entered into any contract with the Healthcare Authorities, based on regional resolutions enacted by the competent Regions. It is therefore necessary to verify in each case the source of the receivable claimed by a Supplier of Healthcare Services. Each Region determines the healthcare budget according to central Government guidelines. (b) Suppliers of goods and services Healthcare Authorities, like any other public entity, also purchase from the market other goods and services which do not strictly qualify as healthcare services, such as food, equipment, etc. (the "Suppliers of Goods and Services"). The Suppliers of Goods and Services do not need to comply with the accreditamento procedure. The Healthcare Authority is a public entity, therefore in order to choose any kind of supplier (or contractual counterparty), it must comply with formal public tender procedure containing the main terms and conditions of the contract to be executed. 12

14 (c) Pharmacies The main activity of pharmacies (the " Pharmacies") consists of selling and distributing medicines to individuals, with or without a medical prescription. For medicines sold under prescription, only a part of the price is paid to the Pharmacy by the individuals themselves (the so-called "Ticket"), while the remaining part is payable by the competent Healthcare Authority. The contractual relationship between Healthcare Authorities and Pharmacies is set out in art. 8, paragraph 2, of Decree 502/92, which provides for such relationship to be regulated by three-year agreements with the relevant national trade association 5 (the "Collective Agreement"). 2. Enforceability of European interest rates for late payment to Healthcare Receivables In the past, in many European Union Member States, debtors of commercial transactions have taken advantage of low interest rates on late payments and/or slow procedures for redress. For this reason the European Parliament and the Council have enacted the EU Directive 2000/35/EC on Combating Late Payment in Commercial Transactions (the "Directive 2000/35"). The main features of Directive 2000/35 are the following: (i) it applies to all payments made as consideration for commercial transactions, where "commercial transactions" means transactions between undertakings or between undertakings and public authorities which lead to the delivery of goods or to the provision of services for consideration; (ii) Member States were instructed, among other things, as follows: 5 Such relationship is currently regulated by Decree of the President of the Republic 8 July 1998 No. 371 which contains the provisions of the national agreement for the regulation of the relations with Pharmacies, in accordance with paragraph 2 of article 8 of Decree 502/92. 13

15 to ensure that an enforceable title can be obtained, irrespective of the amount of the debt, normally within 90 calendar days of the lodging of the creditor's action or application with the court; to bring into force by 8 August 2002 the laws, regulations and administrative provisions that are necessary to comply with the Directive 2000/35; to exclude (i) debts that are subject to insolvency proceedings commenced against the debtor, (ii) agreements entered into prior to 8 August 2002, and (iii) claims for interest of less than Euro 5. Directive 2000/35 was implemented in Italy by enacting Legislative Decree 9 October 2002, No. 231 ("Decree 231/2002") which provides as follows: (i) its provisions apply to all payments made as consideration for commercial transactions, save for: debts that are subject to insolvency proceedings commenced against the debtor; claims for interest of less than Euro 5; payments for damages including those payments made by an insurance company; (ii) if the parties to a commercial transaction do not agree on a contractual interest rate, the interest rate to be applied upon default of the debtor shall be the interest rate applied by the European Central Bank ("ECB") to its most recent main refinancing transaction carried out on the first day of the relevant semester plus 7 percent (the "European Interest Rate") 6. The Italian Ministry of Economy and Finance, by a decree to be published in the Official Gazette of the Republic of Italy on the fifth working day of each semester, gives notice of the interest rate applied by the ECB to its 6 For receivables arising from agreements for the sale of perishable food, the interest rate is increased by 2 percentage points and cannot be changed by the parties. 14

16 most recent main refinancing transaction carried out on the first day of the relevant semester; (iii) any agreement between the parties setting forth exceptions to Decree 231/2002 on the consequences of late payments is void whenever it is deemed unfair to the creditor, having regard to the fair commercial practice, the nature of the purpose of the contract (i.e. services and/or goods), the situation and the relationship between the parties to the agreement and any other circumstances. In particular, agreements whose only purpose is to provide the debtor with additional liquidity at the expense of the debtor are deemed unfair and therefore void; (iv) there is no need for any formal act by the creditor to place in the debtor default; this occurs automatically on the day following the due date for payment set forth by the relevant agreement or, in the absence of such a contractual provision, thirty days after invoicing or the other events set forth by Decree 231/2002) 7; (v) Decree 231/2002 shall not apply to agreements entered into before 8 August The Decree 231/2002 applies to Healthcare Receivables depending on which of the three kinds of the above mentioned healthcare Supplier is concerned, as described below. Suppliers of Healthcare Services Concerning the Suppliers of Healthcare Services, a Healthcare Receivable arises as consideration of a contract with the Healthcare Authorities. In such framework, since the contract between the parties is under private law, prevailing Italian case law 89 has deemed Decree 231/ As to receivables arising from agreements of sale of perishable food, the payment must be made within 60 days from delivery and interest runs from the day following such payment term. 8 See, among others Puglia Regional Administrative Court, 3 June 2004, No and No of See Lazio Regional Administrative Court 12 February 2004, No. 1379; Lazio Regional Administrative Court No. 12 February 2004, 1378; Lazio Regional Administrative Court 5 and 17 November 2003, No Nonetheless, it should be pointed out that such jurisprudential trend may change in the future. In fact the Sicilia Regional 15

17 to be applicable to Healthcare Receivables notwithstanding the public nature of the Healthcare Authorities. Suppliers of Goods and Services The contractual relationship is based on a contract to be executed by the Supplier of Goods and Services and the relevant Healthcare Authorities following a tender procedure based on the publication of a public notice to call the tender (bando di gara). In relation to the applicability of Decree 231/2002 to payments due to Suppliers of Goods and Services by the Healthcare Authorities, the main issue regards the provisions set out by public notices where it provides for exceptions to the Decree 231/2002. Assuming the general applicability of Decree 231/2002 to these receivables, there could be some clauses which derogate from the European Interest Rate. In this regard, two different scenarios are to be taken into account: exceptions to the European Interest Rates agreed in the supply contract: such hypothesis usually does not give rise to problematic issues, since article 7 of Decree 231/2002 sets out the possibility of exceptions to this latter; exceptions to the European Interest Rates contained in the public notice of the tender: Italian Courts generally deem such exceptions to be unlawful if they provide for penalty of exclusion from the tender. Such provisions being unilaterally established by the public entities in spite of being agreed by the parties create an unbalanced situation between the parties and are not in accordance with the law. Administrative Court (8 June 2004, No affirmed that, when the relevant agreement is "ad esecuzione continuata" ("continuous performance", meaning that the contractual obligation is fulfilled during the time and not at once), Decree 231/2002 applies to payments due for the services rendered after 8 August 2002, although the relevant agreement has been executed prior to such date (pursuant to article 1339 of the Italian Civil Code, that states, among other things, that clauses imposed by law substitute conflicting clauses provided for by agreements). Sicilia Regional Administrative Court 8 June 2004, No

18 Therefore, even though Decree 231/2002 should be applicable to such contractual relations, it is necessary to analyze in each case the documents referring to the relationship between the Healthcare Authority and the Supplier of Goods and Services (due diligence is required on both the public notice and the supply contract) in order to verify the presence of clauses containing exceptions to European Interest Rates. Pharmacies The relationship between Pharmacies and the Healthcare Authorities is currently regulated by the Collective Agreement, which also contains provisions regarding interest on late payments. In this regard, Italian Courts have stated that Decree 231/2002 does not apply to late payments of Healthcare Receivables claimed by Pharmacies, since the Collective Agreement was entered into prior to 8 August Protection of the public entities and formal requirements to be complied with for the transfer of receivables Law 130/99 and Law No. 52 of 1991 (better known as the Factoring Law) are based on the legal institution of the "credit assignment", as set forth by articles 1260 et seq. of the Italian civil code. According to the administrative law, in a securitisation transaction in which a public entity is involved (such as the "Securitisation of Healthcare Receivables"), several formal requirements have to be met. Indeed, the main characteristic of the Securitisation of Healthcare Receivables lays in the public nature of the assigned debtor (the Healthcare Authority). The assignment of receivables, in which the public entity acts as assigned debtor, are ruled by articles 69 and 70 of Royal Decree No of 1923 (hereinafter referred to as the "Royal Decree"), setting forth provisions concerning State Accounting, and by article 117 of Legislative Decree No. 163 of 2006 (the "Procurement Code"). 17

19 Pursuant to articles 69 and 70 of the Royal Decree, an assignment of receivables claimed against public entities has to comply with the following provisions: (i) (ii) (iii) (iv) the assignment must be executed as a public deed (atto pubblico) or authenticated public deed (scrittura privata autenticata); separate transfer agreements must be entered into any public entity involved; the assignment must be notified to the assigned debtor/public entity; in case of assignment of receivables deriving from on-going public procurement, the assignment must be approved by the assigned debtor 10. Pursuant to article 117 of the Procurement Code: (i) (ii) (iii) (iv) the assignment must be executed as public deed (atto pubblico) or authenticated public deed (scrittura privata autenticata); the assignment must be notified to the assigned debtor/public entity; the assignment is valid and effective towards the public entity if it is not rejected by the public entity within 45 days from the reception of the relevant notification; the assignment of receivables may be either provided within the public procurement provisions or in a separate agreement. 4. Suspension of payments according to article 48 bis of Presidential Decree No. 602/1973 In 2006, Presidential Decree No. 602/1973 was amended by the introduction of a provision ("Art. 48 bis") implemented by the regulation No. 40/2008 of the Ministry of Economy and Finance, by means of which: 10 Article 70, paragraph 3 and article 9, annex E, Law No of

20 before making any payment to its creditor 11 for an amount equal to or higher than Euro 10,000, a public entity 12 shall verify whether or not the creditor has failed to pay the tax agency an amount at least equal to Euro 10,000. In case of assignment of receivables, a first interpretative circular issued by the Ministry of Economy and Finance (the Circular 22/2008) has clarified, inter alia, that: the public debtor (assignee) who received the notification of the assignment must verify with the tax agency if the assignor, as initial creditor, has complied with tax payments. Upon the foregoing, should the creditor have failed to pay the tax agency for an amount in excess of Euro 10,000, the public debtor might reduce the payments accordingly. On 8 October 2009, the Ministry of Economy and Finance enacted the Circular 29/2009 establishing that, in case of assignment of receivables, the public debtor should carry out a double verification: (i) (ii) a preliminary verification on the assignor, when the assignment is notified to the debtor; and a second verification on the assignee, when the debtor is going to pay, but only in case that the verification on the assignor does not give evidence of any failure of tax payment for an amount in excess of Euro 10, The Supplier, in the context of Healthcare Receivables. 12 The Healthcare Authority, in the context of Healthcare Receivables. 19

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